How Backistan got 100,000,000 $BACK backed with BACK NFTs and made Anatoly’s dream a reality
Like all good things and amazing Solana communities it all started with a mint. The mint is the inception of the community and project and fittingly the mint of the Back2Back project actually left 766 monke backs in the backDAO treasury. During the mint the glorious republic of Backistan held it’s first vote and right then and there the inception of our democracy occured. The vote was proposed on the 16th of December and, on the 18th of December 2021 it was decided with a large majority of votes and sufficient cvorum that the remaining backs should be sent to the backDAO treasury. You can still view the vote in the
The vote ened after 48 hours so that a majority of the 317 verified holders at the time could cast their vote. The cvorum for this kind of the vote needed to be over 70% and so the resolution passed and the new Backistan government sent the backs to the treasury where they would be locked forever. Or so we thought back then.
With the new year and the coagulation of our beautiful community around common values and a love for memes, the government started working on the Backistan dream, the vision of the citizens of Backistan. We want to be the first republic on the MOON and that’s what we plan to achieve with the current direction of the roadmap. We want to build the Backistan into a strong republic with a strong financial system.
In order to get to the moon we needed a currency that is instilled with all the values of the Backistan state and that would be able to power our economy. Such a currency did not exist so we had to do what we do best and that is to innovate and build. We then quckly assembled a team of experts and builders and we’ve partnered with the most experienced developers on Solana in order to deliver the best possible token for the citizens of Backistan. The experts from all fields: economists, historians, sociologists, tokenomists were assembled into the BACKISTAN Economic Ministry Assembly on the MOON and all aspects of the economic models were analysed.
We have reached very important conclusions during the BACKISTAN Economic Ministry Assembly and we have decided to publish our findings, roadmap and plans on Medium, here in the form of a few articles. This one is the first in that series, discussing why our token needs to be backed and also why it has been democratically named $BACK : https://backistan.medium.com/the-glorious-nation-of-backistan-will-rise-through-back-95227023a214
In short, in order for any democracy to flourish and its citizens to prosper we need a medium of exchange that will make the first MOON economy thrive. But note the date of that article: January 14th. Skipping forward a few weeks and we have citizen Anatoly Yakovenko declaring in an interview with Justin Kan and Raj Gokal that the internet of money will be backed by NFTs.
You can find the full interview at this link and we’ve selected the part where Anatoly says, to quote the most proeminent citizen of Backistan: “My dream was that the internet of money is going to be backed by NFTs. It’s not bitcoin, it’s not SOL, it’s not ETH, it’s a pool or basket of culture from which we mint a synthetic dollar and that’s the dollar that everyone uses.” We did not know about that dream when we started developing $BACK but we started publishing this idea on our medium back in January. It doesn’t matter who thought of it first, because as they say great minds think alike but we’re proud that the creator of Solana has the same way of thinking as his fellow Backistan citizens.
After all, this is a world where everything is a meme and people express themselves through memes. It’s our common language, our common culture and it will become our common heritage. This is the world of memes and Backistan is the first state built on memes. Because Backistan is a strong democracy built on voting from the ground up, we needed to choose wether we want to build our monetary system on NFTs and memes or not.
The Backistan citizens voted with overwhelming majority the implementation of $BACK should be done in line with the strategy presented in our three medium articles which described the importance of having a backed currency and the beauty of the idea of:
The Backistan $BACK will be backed by backs.
This brings to our currency a provenance that ties the democratic creation of our republic with the values that we want to instil in $BACK, all chosen by the citizens of our state. You couldn’t engineer a better sequence of events for the creation of the next generation token.
After the democratic vote we worked with the devs who built FRAKT and Fraktion.art because this one was one of the biggest baskets anyone has ever built. It’s currently the biggest one in their protocol and one of the biggest NFT baskets in the world with over 700 different NFTs locked inside. It took a bit of work but today we can announce that all backs in the treasury are safely inside the basket and you can view the vault right here on the fraktion.art vaults page: https://www.fraktion.art/vault/DLRCcdmBJvoR6nHTpKRKvRBE9n8TN1443rN3VrtiXzqp
We want to thank Tim and the team of devs behind FRAKT as this would not have been possible without their talent.
The BACKISTAN Economic Ministry Assembly is still working on the backonomics of $BACK so some numbers might be subject to change. Also, as a small update the devs are working hard on mining as we are writing this article.
Staking your back in Backistan will be called mining with your back and the more backs you will have the more $BACK you will be able to earn. You will be able to earn a quantity of $BACK proportional to the number of back NFTs you have as those backs will be mining MOON rock for you.
In the next article we will discuss more about how $BACK tokens are going to be distributed, which will be the most productive activities and how the tokens will be used in the Backistan Economy. Citizens of BACKISTAN rejoice!
Disclaimer: The content covered in this document is not to be considered as investment advice. This is an experiment and the BACKISTAN Economic Ministry is a meme, certainly not a financial adviser. These are our own opinions and ideas. You should always consult with a professional/licensed financial adviser before trading or investing in any cryptocurrency related product or NFT. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice
